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June 22th 2006: The German State of Brandenburg (Aa2/AA-/AAA) has mandated
Deutsche Bank, Merrill Lynch and UBS to lead-manage its forthcoming Euro benchmark issue. The transaction is expected to be launched later this year following investor-presentations. Further details to follow.
Standard & Poor´s Rating AA- / Moody´s Rating Aa2The renowned rating agencies Standard & Poor's and Moody's highlighted the State of Brandenburg's strong creditworthiness by awarding the state with an AA- and Aa2 in 2006.
Factors influencing the rating include among other factors the State's revenue and expense development,
economic and population growth, as well as the budget consolidation.


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